Deutsche Bank AG Leaves Thousands Employees Out Of Work
Deutsche Bank AG’s reorganization leaves 18.000 of finance employees out of work.
The German bank’s sweeping turnaround plan, including an exit from the equities sales and trading business.
Hundreds of thousands of jobs have disappeared from the global finance industry since the 2008 crisis, and some of the biggest banks haven’t stopped cutting. Automation and new technology have been replacing workers while reduced risk-taking has trimmed demand in areas such as structured finance.
“Goldman has openly been recruiting,” said Schwarz, who once worked at the firm. “That’s been a fundamental change. It tells you that this is a fluid jobs market, and there will be more movement in the months and probably the year or two to come.”
“It’s a bad time to be looking for a job with the normal summer lull and generally poor market conditions,” said Joseph Leung, managing partner at Aubreck Leung, a London financial-services executive-search firm. “That said, the Deutsche people could be attractive as they are effectively free agents — they will likely be getting their stock and won’t have any notice period, so can start straight away.”
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